HSBC Bank Home Loan

HSBC Bank offers home loan to the people who want money to purchase a house, home renovation and home extension etc. The house itself acts as a security to the loan.

Home Loan HSBC

Home loan interest rates offered by HSBC Bank depends upon MCLR.

Floating rates changes with a single change in MCLR rate in your loan tenure. You should go for floating rates if you can take the risk of hike in interest rates.

HSBC Bank offers home loan based on 1 Year MCLR rates which is currently 8.30%.

HSBC Bank home loan interest rate depends upon

Loan amount: Home loan rate in HSBC Bank depends upon the loan amount you apply for. Higher the loan amount, lesser will be the interest rate

Company where you work: HSBC Bank has a list of companies to which they lend Home loan. Interest rate will be less if your company is listed

Your Salary: Income helps you in identifying your rate of interest. HSBC Bank interest rate varies with your monthly income. Higher the income, less will the rate of interest

Home Loan Charges

Foreclosure Charges - These charges are to be paid in case you want to repay your entire loan amount before the end of tenure period. HSBC Bank allows prepayment of home loan with Nil prepayment charges

Processing Fee - HSBC Bank asks for a processing fee of 1.00% of loan amount with applicable service tax

HSBC Home Loan EMI Calculator

Home Loan EMI of HSBC Bank is a fixed amount that you pay each month towards the repayment of your home loan till the end of tenure

You can plan your loan amount according to your monthly repayment capacity because higher the loan amount, higher will be the EMI

Rate of interest is an important factor which affects your EMI. Higher the interest rate, higher will be the EMI

Loan tenure matters equally as higher tenure reduces your EMI

What are the benefits of calculating HSBC Bank Home Loan EMI?

EMI calculator of HSBC Bank helps you to calculate your monthly EMI at different rate of interest

HSBC Bank Housing Loan EMI calculator helps you to know your capacity to repay the loan after maintaining your standard of living

You get a rough idea about your monthly EMI and can plan your monthly budget accordingly

HSBC Home Loan Eligibility Calculator

Home Loan eligibility criteria HSBC Bank

Eligibility of House loan in HSBC Bank relies upon different factors but the most important factor is your ability to repay the loan. The main factors on which the eligibility of an applicant depends are

Age: Age plays an important role to know your eligibility and repayment capacity. HSBC Bank offers Home loan to salaried at the age of 21 to 60 years and self employed individuals at 21 to 65 years

Income: In case of salaried person, HSBC Bank Loan eligibility significantly depends upon the income. Usually bank set minimum levels of income to apply for house loan. HSBC Bank asks for net monthly income of minimum 40,000. Salaried employee should be in government job or working with a reputed private company and getting regular salary in bank account with salary slip, form 16

Job stability and Profession: Job stability is important to improve your status and eligibility for Home loan from HSBC Bank. Minimum turnover and minimum net income criteria may apply. Business must be registered with at least one government agency such as service tax, VAT, excise, shops and establishment registrar. Other than job stability, profession is also an important factor which can affect your HSBC Bank eligibility. If you are working with a reputed company, probability of getting home loan from HSBC Bank increases as the income is considered to be more stable

CIBIL Score: Your past CIBIL history and repayment record of existing loans and credit cards has direct impact on your Home loan eligibility. If you have a poor repayment record, then you may not get the loan but on the other side, a regular repayment record increases your Home loan eligibility

Loan Amount: HSBC Bank gives you Home loan depending upon your income. HSBC Bank gives you an amount ranging from Rs. 300,000 to Rs. 100,000,000. To improve chances of approval, apply for a loan amount that you can comfortably service

HSBC Bank Floating Rate Home Loans

HSBC Bank Home Loan Top up, Transfer

Transfer of Home Loan from another bank to HSBC Bank?

HSBC Bank offers home loan balance transfer from another bank. This is subject to your meeting other eligibility criteria of HSBC Bank
You can avail additional top-up home loan from HSBC Bank, subject to your eligibility

Business proof such as VAT/ service tax registration, incorporation details in case of companies, business address proof, profit and loss account and balance sheets certified by CA, copy of partnership deed and proof of business existence and business profile

Frequently Asked Questions

Why to take home loan from HSBC Bank?

HSBC Bank offers home loan at lower rate of interest i.e. at 9.35% with the lowest EMI of Rs. 863 per lakh. If you are paying EMI more than this then you can opt for balance transfer and relocate your home loan to HSBC Bank.

What is the maximum loan tenure I can opt under HSBC Bank house loan?

HSBC Bank offers you a longer tenure of 25 years to repay your home loan with a benefit of paying less EMI per month.

Do I get tax benefit on home loan from HSBC Bank?

As per Indian Income Tax Act of 1961, residents of India are eligible for tax benefits on principal amount and interest components of a home loan under the section 24 and section 80C of Income Tax Act.

Can I foreclosure my home loan? What are the charges applicable?

Yes, you can foreclose your home loan with Nil charges.

Can I transfer my home loan from another bank to HSBC Bank?

Yes, HSBC Bank gives you the facility to transfer your existing home loan with a hassle free process. Home loan balance transfer to HSBC Bank offers you to pay lower EMIs and save money.

Can I club the income of my spouse with mine and apply for joint home loan?

You can club the income of your spouse to increase your loan eligibility if the spouse is co-owner of the property or guarantor of the loan.

What is the benchmark applicable for home loan in HSBC Bank?

The benchmark applicable for home loan in HSBC Bank is 1 Year MCLR.

What is the effect of part payments on HSBC Bank housing loan EMI ?

Part payments help you in reducing the outstanding amount of loan which in turn will reduce the interest amount due. After making part payments, paying the same EMI will increase your involvement towards the principal amount which will help you in repaying the loan faster.

How to increase my eligibility on HSBC Bank housing loan?

If your spouse or family member is earning well, you can make your spouse or family member the co-applicant for your loan. The combination of both of your income will help you in increasing your eligibility to get loan.

How will interest rate on HSBC Bank housing loan change in future?

Floating interest rate on HSBC Bank housing loan is linked to its 1 Year MCLR Rate, which is currently at 8.30%. So, when HSBC Bank offers a home loan at 9.35%, it applies a premium of 1.05% to its MCLR Rate to arrive at this home loan interest rate.

When RBI increases interest rates, the bank may increase its MCLR rate and the applicable interest rate for all existing and new home loans would increase. When RBI cuts interest rates and the bank reduces the MCLR rate, the benefit of lower rates will have to be passed to both old borrowers and new house loan accounts.

20th May 16 HSBC to Close Half of India Branches in Digital Banking Push

HSBC Holdings Plc plans to shut almost half its branches in India and rely more on digital banking to expand its consumer business in the South Asian nation. The London based bank will cut 24 of its 50 branches. The outlets to be closed account for less than 10 percent of HSBC retail customer base in India. HSBC said it remains committed to India, where it is also shutting its global private banking operations.

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